17 CFR § 300.104 - Trust accounts.

---
identifier: "/us/cfr/t17/s300.104"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 300.104 - Trust accounts."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "300.104"
section_name: "Trust accounts."
chapter_name: "SECURITIES AND EXCHANGE COMMISSION"
part_number: "300"
part_name: "RULES OF THE SECURITIES INVESTOR PROTECTION CORPORATION"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "15 U.S.C. 78ccc."
regulatory_source: "44 FR 5077, Jan. 25, 1979, unless otherwise noted."
cfr_part: "300"
---


# 300.104 Trust accounts.

(a) A trust account held with a member shall be deemed a “qualifying trust account” if it is held on behalf of a valid and subsisting express trust created by a written instrument. No account held on behalf of a trust that on the filing date existed primarily to obtain or increase protection under the Act shall be deemed to be a qualifying trust account.

(b) A qualifying trust account held with a member shall be deemed held by a separate customer of the member, distinct from the trustee, the testator or his estate, the settlor, or any beneficiary of the trust.

(c) Any account held with a member on behalf of a trust which does not meet the requirements of paragraph (a) of this rule shall be deemed to be an individual account of the settlor of the trust on behalf of which the account is held.